SIOUX FALLS, S.D.--(BUSINESS WIRE)--The ATM Industry Association (ATMIA) has released a new industry report “Operation Choke Point: An ATM Industry Update.”
Sponsored by the U.S. Independent ATM Deployer Committee, the report details the issues the ATM industry has faced due to Operation Choke Point (OCP) and how independent ATM deployers (IAD) can protect their businesses and respond to bank inquiries.
IADs have reported an increasing number of due diligence letters from financial institutions. In some cases, they request more information, others are account closure letters and some accounts have been closed with no warning.
The need for multiple banks and accounts is time consuming and a disruption to business, says Vance Rowland, president of AOneATM.
The report includes insights from IADs who have faced OCP head-on – what they encountered and how they were able to handle the situation. It also details actions taken by ATMIA to halt OCP and tips to keep bank accounts open.
“Operation Choke Point resembles a tug-of-war between legal businesses and formidable adversaries – the Department of Justice and financial regulatory agencies,” said Roger Meyers, co-chair of the IAD committee and president of Switch Commerce.
Chris Mirzai, executive vice president for American ATM and co-chair of the IAD committee says, “IADs need our help. They cannot tug this rope by themselves. We need Congress to fight for us and ATMIA has assembled a mighty force. We need to pull our resources together to fight to end Operation Choke Point.”
ATMIA has taken a two-fold approach. The first is to discuss the issue with Congress – ensuring they understand the full effects OCP has had on legal businesses and pushing for corrective legislation. The second is to educate the industry.
U.S. ATMIA Executive Director David Tente and president/CEO of the Electronic Funds Transfer Association, Kurt Helwig, recently met with Rep. Leutkemeyer (R-MO) to discuss the destructive impact of OCP on the industry.
Luetkemeyer's bill H.R. 766, which aims to end OCP, passed the House with bipartisan support in February. A companion bill was introduced in April by Senators Mike Lee (R-UT) and Ted Cruz (R-TX) in the Senate. President Obama strongly opposes H.R. 766 and has said he would veto the legislation.
Tente recommends IADs get involved by joining ATMIA committees, contributing to the U.S. Legal Defense Fund and contacting their elected representatives. He also asks IADs that receive account closer letters to forward them to ATMIA.
“Operation Choke Point: An ATM Industry Update.” can be downloaded here.
ABOUT ATMIA — The ATM Industry Association is a non-profit global trade association with over 5,500 members in 65 countries. ATMIA's mission is to promote ATM convenience, growth and usage worldwide; to protect the industry's interests, good name and public trust; and to provide education, advocacy and networking for members.
